No, because the character is male and gender-bending him for no reason would basically change the character for no reason, as well as being a gimmicky and shallow way of addressing gender issues in gaming.
The Zelda series, with a few exceptions, have always been basically a bunch of re-tellings of the same basic plot with the same character archetypes; a lower-class male (Link) has to rescue an upper-class female (Princess Zelda) from an ambiguously foreign evil sorceror (Ganon). It's a classic distressed damsel plot, and while you could validly criticise it for being sexist, Nintendo always plays it dead-straight and with a sort of endearingly earnest innocence that makes the whole charade acceptable.
The point, however, is that the main characters of a Zelda game are essentially archetypes rather than distinct characters, and Link's archetype is distinctively male, in the same way that Zelda's is distinctively female, and Ganon's is distinctively foreign. Changing Link's gender alters the archetype. You either end up with a new character who is distinct from the Link-archetype - in which case, make a different game with the character and don't bother calling her Link - or you just staple tits on, in which case the result is just Link-with-tits, and you've basically accomplished nothing because Link will think, act, and behave in the same way but now has tits for some reason.
Not to mention the whole thing reeks of gimmicky political correctness; you're not turning Link female because you want to make an interesting new female protagonist, you're turning him female...just because, as if the gender-flip is an ends unto itself. Or worse; an attempt to appeal to female gamers, as if they can be convinced to buy a Zelda game based solely on the fact that the Link now has tits instead of nads.
(This reference is only going to make sense to comic fans, but it's like when they killed Ultimate!Spiderman last year and replaced him with a black Hispanic preteen with identical powers, interests and motivations. The resulting character is literally just Peter Parker in blackface, callously calculated to appeal to as many ethnic minorities as possible while preserving as much of the status quo of the character as possible. This was somehow considered less racist.)
What I'd really like to see is one or both of these ideas turned into a game:
- a co-op Zelda game where one of the playable characters is actually Zelda, and she actually does stuff, or;
- a independent game (new IP) that basically deconstructs the basic Zelda save-the-princess plot by flipping the genders, but in a meaningful fashion that intelligently deconstructs the tropes associated with the basic fairy-tale character archetypes instead of just stapling tits and balls onto Link and Zelda respectively. I'm thinking of a game that does to Zelda what Braid did to Mario.
I can't imagine Nintendo making the latter game, but I can easily imagine them making the former, and it's actually something I'd want to play (I haven't played a Zelda game since the '64.)
" lol 
